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So you respond with the user experience and say its a limitation of the whole concept Fascinating… Confidence in the banking system via state insurance was ad

So you respond with the user experience and say its a limitation of the whole concept Fascinating… Confidence in the banking system via state insurance was added retroactively Don’t pretend that came organically, the banks thought it would be fun too

toomuchtodo 5y ago
The vast majority of the value proposition of crypto is that it operates outside of legal and regulatory frameworks. It doesn't settle faster than instant payments (which, in many countries, are usually much cheaper or free and have settlement targets of <60 seconds), and it's a store of value because of technological controls (vs monetary policy). I want to be open minded and am really trying hard to "stay curious" in this technology domain. Please share any points I would've missed about the benefits of crypto, besides the ability to evade government controls around value transfer or storage and that there is no ability to reverse fraudulent transfers (to the benefit of billions of dollars in theft). I will readily admit it has benefits for folks in places like Venezuela, Turkey, or anywhere else with bad faith fiscal and monetary policy, but not the world as a whole. I know of people in Venezuela who are attempting to operate outside of the dysfunctional financial system, and they use Zelle [1]! [1] https://www.google.com/search?q=Venezuela+zelle https://www.google.com/search?q=Venezuela+zelle
- vmception 5y ago
  Lets focus on one topic instead of a hodgepodge of unrelated reasons why you dont have confidence in this system Banks state backed insurance came retroactively and it took decades for people to feel confidence in that system and is one of several factors in why the customer experience has things you like. You can still find a sliver of society that doesn't trust banks. That confidence and transaction reversibility isnt inherent to banks, and the lack of these redundancies isnt inherent to crypto. Can you respond to that specifically?
  - toomuchtodo 5y ago
    > You can still find a sliver of society that doesn't trust banks. I don’t believe it’s necessary to pander to fringe groups, just as I wouldn’t entertain the concerns of sovereign citizens and similar folks “off the reservation.” Financial and banking regulations in developed countries (including the US) are robust, and arguably are sufficient to provide a firm safety net for participants in the system. No need to address my other points.
    - vmception 5y ago
      Your other points also assume crypto asset users even care about it as a replacement financial system as opposed to a merely parallel one I just use it and it works for what I want, and yeah for me it is faster and cheaper and better due to the lack of transaction size limits

toomuchtodo 5y ago

The vast majority of the value proposition of crypto is that it operates outside of legal and regulatory frameworks. It doesn't settle faster than instant payments (which, in many countries, are usually much cheaper or free and have settlement targets of <60 seconds), and it's a store of value because of technological controls (vs monetary policy). I want to be open minded and am really trying hard to "stay curious" in this technology domain. Please share any points I would've missed about the benefits of crypto, besides the ability to evade government controls around value transfer or storage and that there is no ability to reverse fraudulent transfers (to the benefit of billions of dollars in theft). I will readily admit it has benefits for folks in places like Venezuela, Turkey, or anywhere else with bad faith fiscal and monetary policy, but not the world as a whole. I know of people in Venezuela who are attempting to operate outside of the dysfunctional financial system, and they use Zelle [1]! [1] https://www.google.com/search?q=Venezuela+zelle https://www.google.com/search?q=Venezuela+zelle

vmception 5y ago
Lets focus on one topic instead of a hodgepodge of unrelated reasons why you dont have confidence in this system Banks state backed insurance came retroactively and it took decades for people to feel confidence in that system and is one of several factors in why the customer experience has things you like. You can still find a sliver of society that doesn't trust banks. That confidence and transaction reversibility isnt inherent to banks, and the lack of these redundancies isnt inherent to crypto. Can you respond to that specifically?
- toomuchtodo 5y ago
  > You can still find a sliver of society that doesn't trust banks. I don’t believe it’s necessary to pander to fringe groups, just as I wouldn’t entertain the concerns of sovereign citizens and similar folks “off the reservation.” Financial and banking regulations in developed countries (including the US) are robust, and arguably are sufficient to provide a firm safety net for participants in the system. No need to address my other points.
  - vmception 5y ago
    Your other points also assume crypto asset users even care about it as a replacement financial system as opposed to a merely parallel one I just use it and it works for what I want, and yeah for me it is faster and cheaper and better due to the lack of transaction size limits